Renowned crypto analyst Ali Martinez has highlighted a scenario that might boost Bitcoin (BTC) prices in the next few weeks. Here’s a closer look at the factors influencing Bitcoin! Many in the crypto community are wondering if Bitcoin will reach its previous all-time high (ATH).

Predictions of a Bitcoin Drop

Ali Martinez, a well-known analyst, pointed out that Bitcoin is currently around the +0.5 Standard Deviation level on the MVRV extreme deviation pricing band chart he provided. At this level, Bitcoin’s price stands at $66,800. If the standard deviation decreases, Bitcoin’s price might drop further over time.

If the standard deviation falls by 0.5 from its current position, Bitcoin could dip to $41,250.94. It’s notable that Bitcoin hasn’t seen this low since early February this year. In a worst-case scenario, a shift to 1 standard deviation could bring Bitcoin down to $28,480.25. On the other hand, if the deviation shifts positively, Bitcoin’s price could climb to $79,591.03 with 1 standard deviation.

Factors Driving BTC’s Growth

Right now, several factors are influencing Bitcoin’s price. One such factor is the unexpected exits from BlackRock, Fidelity Investments, and Grayscale’s spot Bitcoin ETF products. Although these exits don’t directly harm Bitcoin’s price, they do contribute to market stagnation, impacting its upward movement.

Bitcoin remains the favorite digital currency among Wall Street investors. As Michael Saylor mentioned, despite predictions that the SEC wouldn’t approve the spot Ethereum ETF, the commission, led by Gary Gensler, did approve it in May. Even though the actual trading of these products hasn’t started yet, Bitcoin could benefit from the approval of S-1 registrations for the applicants. While Ethereum might gain the most, Bitcoin’s price is also likely to stay on an upward trend in the coming weeks.

In conclusion, while Bitcoin’s price may face some declines, several factors could also contribute to its rise. Investors and analysts will be watching closely to see how these elements play out in the near future.